City Union Bank launches "Cub 400"

Chennai, Aug 21 (UNI) City Union Bank Ltd today launched "CUB 400", a new deposit scheme, offering higher return on investments.

Under the scheme, deposits would be accepted for a period of 400 days and be paid an interest of 8.50 per cent and nine per cent for senior citizens, a bank release here said.

The bank has also announced launch of three new deposit products, namely Tax Saver Gold, Tax Saver Silver and Tax Saving Enabler.

These products were designed to suit the needs of the tax paying investors, who would opt to climb the deduction benefits under the provisions of Section 80(C) of Income Tax Act.

These schemes envisage placement of term deposit up to a maximum of Rs One lakh for a minimum period of five years. The return on investment on these schemes will be around 10 per cent, the release added.

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